The car-parts maker is an undervalued play on Asia's booming automotive market. Why its diverse collection of assets could be worth more than 80 a share.

Bankruptcy court was a smart pit stop for auto-parts maker Visteon, which filed for protection from creditors in May 2009 and emerged from the process 15 months later. The new Visteon is considerably leaner and meaner than its bloated predecessor, having shrunk sales by 56%, and headcount by 45% in the five years that ended in 2010. A Chapter 11 filing also helped the company, which was spun out of Ford Motor in 2000, rid itself of $2.1 billion of debt, leaving it with a tidy $5 a share in net cash as of June 30, and one of the...